Agricultural Tractors Market to reach US$ 113 Mn by 2032 - Latest Fact.MR Study
NEW YORK, Feb. 21, 2022 /PRNewswire/ -- The global agricultural tractors market to grow at a CAGR of 6% during the forecast period 2022-2032 and is estimated to reach a market valuation of US$ 63 Mn by the end of 2022.
Global agricultural tractors sales went up by 4% CAGR during 2015- 2021. Growing food demand has placed a burden on the agriculture industry worldwide. To increase production, farmers use agricultural tractors to sow, plough, and spray crops. Likewise, the adoption of tractors is rapidly growing due to improved mechanization.
The demand of agricultural tractors is largely influenced by various technological advancements. To make tractors more efficient and easy to operate, companies are integrating electric power. For instance, in August 2021, Solectrac announced that its e70N electric tractor was available for sale. The tractor consists of an electric engine equivalent to 70 horsepower. The launch is part of the Bay Area Quality Management District's Funding Agriculture Replacement Measures for Emissions Reductions Demonstration Program (FARMER), in the United States.
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As the world's population continues to grow, so does the need for food, driving an increase in food crops cultivation and resulting in a demand for agricultural tractors.
As a result of strict lockdowns imposed during the COVID-19 pandemic, prospects declined, especially in the first half of 2020. These lockdowns hindered all agricultural activity, so agricultural tractors were not used. Nevertheless, as the curbs have loosened, a gradual resurgence has been noted.
Agricultural tractor manufacturers are focusing on improving the efficiency of their machines by making them automatic and electric. Furthermore, the cost efficiency and convenience of 2WD tractors is increasing the demand for agricultural tractors. Thus, agricultural tractor sales are expected to exceed US$ 113 Mn by registering a CAGR of 6% over the forecast period 2022-2032.
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Competitive Landscape
Market players are currently challenged by a shortage of skilled workers, high raw material prices, and high prices for semiconductor components. In addition, market players and dealers are not able to meet consumer demand due to low inventory levels.
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More valuable Insights on Agricultural Tractors Market
Fact.MR, in its report, offers a market analysis of the global Agricultural Tractors Market analyzing forecast period through 2022 and beyond. This survey reveals the growth of technology in the Agricultural Tractors Market with detailed segmentation as follows: -
● By Engine Power
- Agricultural Tractors Less than 40 HP
- Agricultural Tractors between 41 to 100 HP
- Agricultural Tractors More than 100 HP
● By Driveline Type
- 2WD Agricultural Tractors
- 4WD Agricultural Tractors
● By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions covered in the Agricultural Tractors Market Report
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